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Iranian pilgrims to Iraq have to make their religious journey without any officially provided cash in foreign currency for the time being until the authorized banks manage to offer Iraqi dinar banknotes, a senior official with the Hajj and Pilgrimage Organization said.

As per the new forex regulations, pilgrims to Iraq can receive up to 250,000 Iraqi dinars from Tejarat and Parsian Banks by presenting HPO-approved documents, ISNA reported.

However, the two banks do not yet have the infrastructure for the distribution of Iraqi dinar (IQD). Therefore, no foreign currency is given to pilgrims for now, according to Morteza Aqaei, director for shrines at the HPO.

​The official explained that since offering foreign currency to pilgrims at border points or airports was not feasible due to their large number, the two banks were tasked to provide the service.

"We have had several sessions with the banks' authorities to make the necessary arrangements," he said, adding that his office is pursuing to accelerate the process of supplying Iraqi dinar.

IMO. These are Iranians trading their currency (Rials) into dinars. What’s that exchange rate? I agree that the 3 zero notes are not in the equation. So...interesting dilemma for sure. Anxious to hear the professionals opinions. Thanks!

Leb » May 16th, 2018

Considering that one million rial is worth about $24 usd, it is definitely an interesting dilemma

Samson » May 16th, 2018

Fitch raises rating for Việt Nam

16th May, 2018

The rating on the nation’s long-term, foreign currency-denominated debt was raised one level to BB, with a stable outlook

Bloomberg cited Fitch’s announcement on May 15 that shows that the rating on the nation’s long-term, foreign currency-denominated debt was raised one level to BB, with a stable outlook. The upgrade puts Việt Nam at the second-highest speculative grade on a par with Costa Rica.

The rating agency also predicted that Việt Nam’s foreign reserves will increase to some US$66 billion by the end of this year from $49 billion in 2017, while the general government debt is likely to decline to below 50 per cent of the gross domestic product (GDP) by 2019.

According to Fitch, the country’s economy can expand 6.7 per cent this year.

Most economic forecasts since early April said Việt Nam’s GDP growth would be 6.5 per cent or higher in 2018.

In an annual credit analysis released on April 3, Moody’s Investors Service said Việt Nam’s real GDP growth would remain robust, averaging 6.7 per cent.

Meanwhile, World Bank on April 12 predicted Việt Nam’s economic growth to stabilise at some 6.5 per cent in 2018.

The International Monetary Fund projected Việt Nam’s economy to grow by 6.6 per cent this year and 6.5 per cent in 2019 in its report “World Economic Outlook, April 2018”.

Việt Nam’s economy enjoyed a strong economic expansion of 7.38 per cent in the first quarter of this year, the best first-quarter performance in the last decade, according to the General Statistics Office. LINK

Việt Nam’s economic outlook brightens

16th May, 2018

HÀ NỘI — Việt Nam’s economic prospects from 2018 to 2020 is looking up, as the international community acknowledges and appreciates the country’s role and responsibility in integrating and implementing international economic commitments.

Speaking at a conference on economic development yesterday, Nguyễn Chí Dũng, Minister of Planning and Investment emphasised Việt Nam’s position and prestige had been raised to new heights in the world economy.

The country’s various index rankings have improved significantly, such as business environment index up by nine percentage points, competitiveness index increased by five, innovation index increased by 12, and overall rating of economic prospects moving from stable to positive, said the minister.

According to Dũng, Việt Nam’s socio-economic development results in 2018 have so far been very positive, following 2017’s development momentum.

The GDP growth rate in the first quarter was 7.38 per cent, the highest in the last decade, while macroeconomic factors continues to be stable, inflations rate are also under control.

Consumer price index (CPI) in the first four months of 2018 remained at a low level, having increased by 2.8 per cent. The money market liquidity and banking system are stable and ensured.

Disbursed FDI reached US$5.1 billion, up by 6.3 per cent from 2017’s first quarter, along with more than 41,200 newly established enterprises with a total registered capital of about VNĐ412 trillion ($18.2 billion).

Total export turnover is estimated at $73.76 billion for 2018’s first quarter, up by 19 per cent year-on-year, with trade surplus around $3.39 billion.

Dũng was positive about such encouraging signs, saying that a number of administrative reforms and innovations will continue improving the country’s business environment and domestic demand, as well as positive impact from recently signed free trade agreements, namely the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Regarding economic growth, Nguyễn Mại, Chairman of the Vietnam’s Association of Foreign Investment Enterprises (VAFIE), said the country’s level of foreign investment attraction, especially in the private sector, was an important factor contributing to overall economic growth.

He believed that 2018’s total FDI invested capital would reach $19 billion, since 2017’s number was already a record breaking $17.5 billion.

Warrick Cleine, Chairman and CEO of KPMG in Vietnam and Cambodia, highly appreciated growing investors’ confidence in the Vietnamese economy and business environment.

In the medium and long term, Minister Dũng said Việt Nam’s economy promised both opportunities and challenges, with forecasts suggesting that average GDP growth in Việt Nam in the 2018-2020 period might reach 6.85 to 7 per cent annually.

He also added that the Government was aware of internal problems, as well as negative external impacts that might affect the country’s economic development, as Việt Nam aimed for a breakthrough towards rapid and sustainable growth on the basis of technology.

However, there was much to do before such goals and expectations were achieved on all levels of administrative government and economic sectors to maintain the growth momentum, said Dũng.

Yesterday’s event was organised by the VAFIE in collaboration with KPMG Vietnam. The key focus was placed on analysing and assessing the country’s economic situation and prospects until 2020, as well as practical solutions for a new sustainably driving force for growth. LINK

Guru Delta: Delta says that the Rate today was spoken to him again.… $.86 and in 2012 they will try to collect the 3 zeros denoms in 6-8 months then when ready to do the 2nd revalue it will be about $3.44 at that time in 2012 after the denoms are collected… This year will be the RV for sure and in 2012 after the 3 zeros are collected THEN we will have the $3+ RATE – THEY CAN’T START OUT WITH A HIGH $3+ RATE they can’t do that…. All the stores will be told it RV’d first so they can adjust their rate of prices as they can’t divide $3+ rate at first but the $.85 is easy first… We hear lots say it may come out at $4+ we might have another revalue in 2013 that will come out close to $5.00 – Dinars should be worth about $.26 x 10 -= $2.60 if they don’t revalue slowly they will have more inflation if it comes out with a high rate…

Delta feels from 22nd to first of June is the best time for RV….. THE GOI has to announce the adjustment of the currency before they show it to the UNSC… it puts us now to the 27th to do this… If they wait till the last nano second which is July 1st it will happen – all good news coming out of Iraq.